Mid Session Market Analysis for Apr 19, 2011

On Tuesday, the Indian benchmark indices was trading bearish in the initial session, however the markets have recovered the losses and pushed upwards in the positive terrain.

The sentiments still remain jittery among the investors as the global credit risk concerns rises. On domestic front, Ahead of the monetary policy review on May 3, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath today said inflation was a concern, mainly on account of the high prices of non-food manufacturing goods.

Also, HDFC Standard Life initial public offering to next year is expected to announce by the month-end. The broader market indices are trading mix as BSE Mid Cap is trading down by 1.2% while BSE Small Cap was up 0.1% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 19,120 mark, while Nifty is above the 5,710 mark.

At 12:30PM BSE SENSEX was at 19129.2 up by 38.03 points or by 0.2 % and then NSE Nifty was at 5741.45 up by 12.35 points or by 0.22 %.

The BSE MIDCAP was at 7114.97 down by -1.15 points or by -0.02 %. while the BSE SMLCAP was at 8748.88 up by 11.82 points or by 0.14 %.

The BSE Sensex touched intraday high of 19201.92 and intraday low of 18976.19 The NSE Nifty touched intraday high of 5762.95 and intraday low of 5693.25

On the economic front, an Indian delegation, led by minister of state for petroleum & natural gas RPN Singh has initiated discussion with the petroleum ministries of Indonesia, Kuwait and Brunei, for the import of liquefied natural gas (LNG) on long term basis from these regions.

A petroleum ministry spokesman quoted, "Oil ministers of Kuwait, Brunei and Indonesia have given positive indications for supplying LNG to an Indian delegation in separate bilateral meetings in Kuwait." At the bilateral meeting with Indonesian oil minister Darwin Zahedy Saleh, Singh has proposed to import around 5 million tonnes of Indonesian LNG annually, once the development of LNG handling infrastructure is finished by 2012.

On the corporate front, Petroliam Nasional Bhd. is said to have sold its entire 14.9 percent stake in Cairn India to Vedanta Resources' Sesa Goa Ltd.

IT solutions provider CMC rose nearly 10 per cent in morning trade on Tuesday after the company reported 25.26 per cent growth in net profit for the fiscal ended March 31.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,738, shares advanced were 1,189 while 1,452 shares declined and 97 were unchanged.